With a New Year always comes new motivation to build your best life possible. Whether you are seeking to improve your personal health, build a thriving business, or just make a few small tweaks to upgrade the quality of your life, there is a wealth of knowledge available to you to capitalize on. If you are buying rental property in Hawaii or looking to make some profitable upgrades to your current rental, now is the time to harness your newfound energy to make some positive changes in your portfolio! Here are the upgrades you want to prioritize in 2019 for higher revenues and happier tenants.
While a light bulb might seem like a relatively trivial fix, choosing the right bulbs can have a tremendous impact on the viability of your rental. If you are buying rental property in Hawaii, be sure to select energy saving bulbs. Doing so will save you tremendously on your electric bill and, by extension, increase your bottom line. Further, energy saving light bulbs can last up to 9 years!
Toilets may not be the quickest, cheapest, or easiest fix. However, if you are buying rental property in Hawaii, replacing your toilets is an absolute must. Not only is a malfunctioning toilet inconvenient; it can be pretty gross and off-putting for most tenants. Skip the headache—and the messy fix—by upgrading your toilets before they present with an issue.
Furthermore, fixing a leaky toilet can also make a huge difference in your bottom line. Even a minor leak in your toilet can increase your water bill by over $1,000 a month! Thus, even if you don’t completely replace the toilet, it is a good idea to replace the internal toilet system. Doing so will prevent costly leaks and render unwarranted a later replacement.
If you are buying rental property in Hawaii, one of the first orders of business should be to fix your locks. Even if your current lock is fully functional, it is possible that prior tenants still have keys. Tenant safety should be your primary concern as a sound and ethical landlord. Perhaps the most critical element of ensuring your tenants safety is to equip your property with high quality locks. And don’t just concern yourself with front and back doors. Windows and basement doors are likely entry points for break-ins and should have adequate locks as well.
Prioritizing your tenant’s safety lets them know that you genuinely care for their wellbeing. Second only to installing new locks in ensuring tenants’ safety is installing new smoke alarms. Don’t assume that the old alarms are adequate; at the very least, a broken smoke alarm could lead to expensive property damage. And at the most, it could lead to injured tenants. Be sure to buy new smoke alarms when you are first buying rental property in Hawaii, and remember to replace the batteries every year.
Though paint doesn’t do much in the way of practical improvements, it can make it a lot easier to attract tenants. If you are buying rental property in Hawaii this year, get in the lead in the race to attract the best tenants by treating your walls to a fresh coat of paint. Painting can cover scratches and damages to make a room feel like new, increasing the aesthetic appeal of your rental and thus attracting high-profile tenants. Your best bet is to choose a light, neutral color that will make the room feel bright and calm. Light and bright blues and beiges are excellent choices for living rooms, bedrooms, and bathrooms. Avoid flashy colors, which tend to be love or hate for most people.
Like a fresh coat of paint, new flooring can significantly shift the aesthetic of your rental. If you are buying rental property in Hawaii, consider replacing carpets or tiling flooring if your current flooring is dirty or lackluster. Even if your flooring is in relatively good condition, be sure to schedule a deep clean before scheduling any showings. Doing so will greatly increase the attractiveness and, by extension, the value of your rental property.